The total expense ratios across Putnam Investments’ four Absolute Return Funds have been reduced by as much as 54%, the firm and the Putnam Funds’ board of trustees announced Monday.
Because the Absolute Return Funds are included as underlying investments in Putnam’s RetirementReady Funds, the expenses for those funds also have been reduced by as much as 24%. RetirementReady Funds are the firm’s suite of 10 target-date/lifecycle retirement funds.
The significantly reduced pricing came about as more advisors and investors seek safe harbors from market uncertainty, said Robert L. Reynolds, president and chief executive officer of Putnam Investments. In January 2009, Putnam Investments launched its suite of four Absolute Return Funds, which have since grown to $2.6 billion in assets.
“Although I am pleased with the $2.6 billion in assets since our launch, we expect the numbers to increase significantly, because of the broad application of our suite of Putnam Absolute Return Funds,” Reynolds said in a statement.